Aerospace Coatings Market to Register Healthy CAGR of 5% from 2023 to 2029 Attributing to the Increasing Military Demand on a Large Scale Globally

The Rise in The Number of Air Travelers Is Boosting the Growth of The Aerospace Coatings Market.

PUNE, India, May 8, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Aerospace Coatings Market.

The aerospace coatings market is expected to grow at 5% CAGR from 2023 to 2029. It is expected to reach above USD 2.64 Billion by 2029 from USD 1.7 Billion in 2022.

The global aerospace coatings market is on a bloom, owing to the ever-increasing travel and global trades. The upsurge in cargo traffic, growing preferences towards air travel, fostering international trade and rise in the disposable incomes are altogether attributable for propelling the market growth. Besides, factors such as increasing investments in the military aviation and defense sectors, specifically in the emerging economies, shall positively influence the global market.

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Flourishing growth in international trade has resulted in the development of commercial aircraft, propelling the industry size. Various government bodies across the globe are investing significantly in aerospace sector, contributing towards revenue generation. For instance, China invested over USD 3 billion in aviation industry to cater the rising demand of air traffic. These investments will further induce immense potential to the industry growth. However, the introduction of substitutes such as composite fuselage designs may pose a challenge to aerospace coatings market share over the forecast timeline.

Aerospace Coatings Market News

• July 2022: PPG partnered with UK airline brand and design consultancy Aerobrand to provide airline customers with a unique service integrating paint supply with livery design.
• July 2022: Akzo Nobel announced a total of EUR 15 million (USD 17.7 million) investment in the company's aerospace coatings facility in Pamiers, which Mapaero acquired in 2019. Production capacity is expected to be increased by 50%

North America region share of more than 36% for environmental sustainability is helping the market to step up in innovation.

The aerospace coating market in the world is now dominated by North America, and this trend is projected to continue over the forecast period. The expansion of commercial aviation in local markets like the United States and Canada is what is fueling the region's growth. The significant presence of major players in the area is also promoting market expansion.In economies like Russia, India, Sweden, and China, rapid urbanisation and economic advancements have led to an increase in aircraft production and strategic sales. As a result of the increased demand and subsequent aircraft production, there has been a rise in the consumption of aerospace coatings.

Growth in commercial aircraft is creating more opportunities in aerospace coatings market.

The affordable commercial air traffic is emerging as a feasible option in developing economies providing travellers a broad access to an array of locations. Customers in emerging economies are inclined toward the affordable choice of air travel that provides speed and convenience rather than the traditional modes of transportation. Lightweight and efficient aero engine coating have initiated short route operations in emerging economies to challenge the lengthier routes which are ideally ruled by the overseas carriers. Modern lightweight airplanes exhibit a long range of travel and low cost of operations, which are assisting the beginning of long distant low-budget business models. These business models are, in turn, benefitting the connected city air travels of the carriers and the convenience of passengers. Therefore, the increased passenger travel coupled with the economic growth of the emerging countries is likely to enhance the commercial aircraft production globally.

Surging Air Travel Paving the Way for Increased Adoption of Aerospace Coatings

The International Civil Aviation Organization (ICAO) estimates that total number of passengers carried on scheduled air services rose to 4.3 billion in 2018, representing an increase of 6.4% compared to the previous year. This further increased to 4.5 billion in 2019. Consequently, aircraft manufacturers are increasing fleet sizes.

This increase in fleet size is augmenting demand for high-quality aerospace coatings to ensure longer lifespans by enhancing the durability of aircraft bodies to prevent damage from corrosion, UV rays and abrasion due to frequent usage. Maximum growth is anticipated across the short-haul market across the Asian region.

Demand for Lightweight Construction Material Broaden Prospects for Aerospace Coatings

As global air travel frequency rises, prominent airline companies are expanding existing fleet sizes by incorporating highly durable and lightweight construction material. Emergence of low-cost airlines is inclining demand for air travel across emerging economies.

Modern day air travel majorly emphasizes on long-range travel with minimal operational costs, for which application of aerospace coatings is of utmost importance. These coatings are well-equipped to protect aircraft bodies from the vagaries of nature using the least amount of material possible.

Report coverage & details:

Key Market Players in the Aerospace Coatings Market

The global Aerospace Coatings Market is highly competitive, with key industry players adopting new material development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market industries focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

The global Aerospace Coatings Market key players include Akzo Nobel NV, BASF, Heibnkel, PPG industries, Sherwin-Williams Company, Argosy International, Hentzen Coatings, Inc., Axalta Coating Systems Ltd., IHI Ionbond AG, BryCoat Inc

Key Market Segments: Aerospace Coatings Market

Aerospace Coatings Market By Resin Type, 2023-2029, (USD Billion), (Kilotons).

• PU
• Epoxy

Aerospace Coatings Market By Product, 2023-2029, (USD Billion), (Kilotons).

• Liquid
• Powder

Aerospace Coatings Market By End-User, 2023-2029, (USD Billion), (Kilotons).

• Commercial
• Military
• General Aviation

Aerospace Coatings Market By Application, 2023-2029, (USD Billion), (Kilotons).

• Exterior
• Interior

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Market Dynamics

Market Trends

• The aerospace coatings market is forecast to grow in the coming years, driven by the growing demand for aircrafts globally. The market is expected to be further driven by the need for fuel efficiency and weight reduction in aircrafts. The market is also expected to be supported by the growing demand for environmentally friendly products.
• The global aerospace coatings market is segmented on the basis of technology, application, and geography. On the basis of technology, the market is segmented into water-based, solvent-based, and powder-based. On the basis of application, the market is segmented into interior, exterior, and engine. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
• The market in North America is expected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the presence of a large number of aircraft manufacturers and the presence of a large number of airports. The market in Asia-Pacific is expected to grow at the second-highest CAGR during the forecast period. This growth can be attributed to the growing demand for aircrafts in this region.
• The market in North America is expected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the presence of a large number of aircraft manufacturers and the presence of a large number of airports. The market in Asia-Pacific is expected to grow at the second-highest CAGR during the forecast period. This growth can be attributed to the growing demand for aircrafts in this region.

Market Drivers

The global aerospace coatings market is growing at a healthy pace and is expected to continue doing so in the coming years. This is due to a number of factors, which can be broadly classified into four categories. These are:

1. Increasing demand from the aviation industry: The aviation industry is one of the key end-users of aerospace coatings. This is because these coatings provide a number of benefits to aircraft, such as protection from the elements, improved aerodynamics, and reduced noise and vibration. The global aviation industry is currently experiencing strong growth, thanks to factors such as the increasing number of air passengers and the growing middle class in emerging markets. This is expected to result in increased demand for aerospace coatings in the coming years.
2. Technological advancements: Another factor driving the growth of the military aerospace coatings market is the continuous advancements being made in the technology used to formulate these coatings. This has led to the development of new and improved coatings that offer better performance and are more durable. The ongoing research and development activities in the aerospace coatings market are also expected to result in the launch of new products in the coming years.
3. Stringent regulations: The aviation industry is subject to stringent regulations, both at the international and regional levels. These regulations mandate the use of certain types of coatings on aircraft to ensure their safety. This is expected to continue driving the demand for aerospace coatings in the coming years.
4. Growing demand from the military: The military is another major end-user of aerospace coatings. This is due to the fact that these coatings offer superior protection to aircraft against a wide range of threats, such as corrosion, abrasion, and chemical attacks. The global military aviation market is currently experiencing strong growth, thanks to the increasing budgets of militaries around the world. This is expected to result in increased demand for aerospace coatings from the military in the coming years.

Market Opportunities

The aerospace industry is growing rapidly and is projected to reach $858 billion by 2025. This presents a huge opportunity for companies that provide coatings for this industry. Here are five market opportunities for aerospace coatings providers:

1. Aircraft Maintenance and Repair: The global aircraft maintenance and repair market is expected to grow from $79.1 billion in 2019 to $93.8 billion by 2025, at a CAGR of 3.2%. This growth is being driven by the increasing number of aircraft in service, as well as the need to extend the service life of existing aircraft.
2. Aircraft Manufacturing: The global aircraft manufacturing market is expected to grow from $673.8 billion in 2019 to $858.0 billion by 2025, at a CAGR of 4.7%. This growth is being driven by the increasing demand for air travel, as well as the need for new aircraft to replace aging fleets.
3. Helicopter Manufacturing: The global helicopter manufacturing market is expected to grow from $11.9 billion in 2019 to $14.4 billion by 2025, at a CAGR of 3.7%. This growth is being driven by the increasing demand for helicopter services in the oil and gas, military, and emergency medical services industries.
4. Military Aircraft: The global military aircraft market is expected to grow from $69.1 billion in 2019 to $82.7 billion by 2025, at a CAGR of 3.4%. This growth is being driven by the increasing demand for military aircraft from countries around the world.
5. Spacecraft and Satellite Manufacturing: The global spacecraft and satellite manufacturing market is expected to grow from $13.9 billion in 2019 to $17.4 billion by 2025, at a CAGR of 4.1%. This growth is being driven by the increasing demand for satellite-based services, such as telecommunications, navigation, and earth observation.

Market Restraints

Volatility in prices will challenge the growth

Raw material price fluctuations are expected to hamper the market growth. The aerospace coatings market is expected to be challenged by stringent regulations laid down by the authorities.

This aerospace coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the aerospace coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Key Question Answered

• What is the expected growth rate of the aerospace coatings market over the next 5 years?
• Who are the major players in the aerospace coatings market and what is their market share?
• What are the end-user industries driving demand for market and what is their outlook?
• What are the opportunities for growth in emerging markets such as asia-pacific, middle east, and africa?
• How is the economic environment affecting the aerospace coatings market, including factors such as interest rates, inflation, and exchange rates?
• What is the expected impact of government policies and regulations on the aerospace coatings market?
• What is the current and forecasted size and growth rate of the global aerospace coatings market?
• What are the key drivers of growth in the aerospace coatings market?
• Who are the major players in the market and what is their market share?

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